Australia is Close to Regulating Crypto, New Publication Reveals

Australia is Close to Regulating Crypto, New Publication Reveals

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In its quest to regulate cryptocurrency, the government of Australia has published a step out of different stages toward crypto regulation. 

According to the release, “the multi‑stage approach has three elements: strengthening enforcement, bolstering consumer protection; and establishing a framework for reform.”

Among the stages, the first increasing the size of the crypto team and “upping enforcement measures” of the Australian Securities & Investments Commission (ASIC). One of these enforcement measures is taking legal action whenever crypto assets are sold without proper financial licenses. Furthermore, the report noted that special attention will be paid to ensuring risks are appropriately disclosed to customers.

 These steps are however targeted toward scams relating to crypto assets.

“The Government’s National Anti‑Scams Centre, located within the Australian Competition and Consumer Commission (ACCC), will facilitate real‑time data sharing and the coordinated prevention and disruption of scams,” reads the report, indicating that the collection of data will be a major part of the operations.

Further to the above, the release as well included a token mapping consultation, the consultation paper comprises which of the elements of the crypto ecosystem are regulated sufficiently and which of the assets require more attention.

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